Finance Broker

How you use your income and available credit can make a huge difference to your lifestyle, so it’s very important to get it right. That means getting reliable, ongoing advice and support from a professional credit adviser you know and trust.

Your mortgage and finance broker can help you with all your big purchases, throughout every stage of your life – from your first home, to an investment property, or even a new car or funding for your small business. Here are some of the benefits of maintaining a long-term relationship with your broker.

Deal with one person who understands you.

When you first meet with us, we take the time to understand your personal financial situation and your goals for the future. That not only means we work with you to help you make a good decision about a loan for what you need right now. It also means we work with you to ensure the decision you make is a good one for your financial future.

Whenever you need to make a big purchase or an important decision about a loan moving forward, your broker will be ready to help. We’ll keep all your paperwork on file and ensure we understand your goals, and that will save you a lot of time and hassle.

By contrast, when you go direct to a bank to get that first loan, they are only concerned about that one loan – not with what happens next. So, every time you need assistance with a new loan, you’re forced to start the whole process from scratch with someone new – which can be very frustrating and time consuming.

Maximise your income and available credit.

If you don’t have the benefit of advice from a trusted professional, how do you know you’re using your income and borrowing power to its full advantage? The last thing you want to do is waste money or miss out on opportunities to secure the home and lifestyle you really want for you and your family.

A long-term relationship with your broker gives you support to maximise your income and improve your financial situation as you progress through your life stages. This knowledge and positive support will help you to achieve the lifestyle you want and make realistic plans to use your income and borrowing power wisely to support your lifestyle in the future.

We’ll even work together with your financial planner, accountant or other professional advisors to help you achieve your financial goals and we won’t charge you for our time.

Support to achieve financial independence.

Banks tend to be strictly transactional. They just provide the service you ask for and you usually only hear from them again when they’ve got another product they want to sell.

By contrast, your broker is here to protect your interests. You can expect to hear from us regularly with any important information that is relevant to you, when the opportunity arises to save money, or to support you in taking the next step in your wealth building journey.

Manage your loans and stay on top of your financial situation.

As you progress through the different stages of your life, your financial situation will change. A common example is when you and your partner have a child and your income temporarily reduces from two salaries to one.

We will always be on hand to help you manage life stage changes and issues. A bank will not necessarily support you personally, which can be worrisome.

Call us for a chat today.

If you’re looking to buy your first home, purchase your next one, invest in property or refinance your home loan just let us know. We can even help with competitive car loans if you want to take advantage of the fantastic EOFY car sales that are on right now. We love helping you with your lifestyle purchases, as well as achieve your home ownership and wealth building goals, so please get in touch today.

Disclaimer
The information contained in this email and its links/attachments are general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek the appropriate financial advice and read the relevant Product Disclosure Statement or other offer document prior to acquiring any financial products

If you’re looking to rent out or sell your home, identifying the right market for your property and making it appeal to them, will help you to maximise your profits. So how do you go about it? Use these tips for identifying the most profitable target market for your property and ways to spruce it up to increase its appeal.

Find out who wants to live in your area

The first step is to research who is currently living in the area and who may want to move there in future. Is the area popular with families, or does it appeal more to young professionals or retirees?

A simple way to find out is to touch base with a few real estate agents, to see what kind of customers they have looking for property in your area. Real estate agents often have waiting lists of buyers and renters, so it can be useful to get to know them and form a good working relationship with them if you want to buy or rent out property.

Investigate what kind of properties are in high demand

Next, find out which properties are moving fastest in your area. Are they apartments, two or three-bedroom homes, or new developments? Is the demand highest from high or low budget purchasers and renters?

Finding out the kind of customers moving into your area will also fuel ideas about how to make your property more appealing, so you can maximise your sale price or rental return

An easy way to find out is to browse local real estate agent websites to check prices and how long similar properties to yours stay on the market. Again, if you have a good relationship with your local real estate agents, you can simply give them a call and ask them.

Consider making some changes

Once you’ve discovered the kind of buyers or renters who want a property in your area, you can focus on making yours more appealing to them. Renovations can add value to a property in more ways than one!

If you decide to do some renovations, be sure to talk to us about finance before you start. Here are some ideas of the kind of features that may be popular with different demographics. It should be noted that these days, people prefer clean, recently renovated bathrooms and kitchens. Most of the ideas below can be improved or added cost-effectively and can make a big difference to a sale price or rental return.

Demographic

Features they may desire

Families

Easy clean flooringGood cooking facilities/dishwasher

Plenty of storage/laundry space

Child-friendly yard

Secure outdoor facilities for pets

Sizeable garage

Independent young people (under 35)

Trendy décorWi-fi and the latest gadgets

Dishwasher

Low-maintenance courtyard or garden

Renovated bathroom/kitchen

Off-street parking

Mature independent (over 35)

Energy-efficient featuresEasy clean décor/flooring

Plenty of storage spaces

Pet amenities/garden

Security features

Off-street parking

Elderly couples (downsizers)

Entertaining areas for family and friendsSecurity features

Low-maintenance property

Pet amenities

Don’t over capitalise!

When renovating, it’s important to budget carefully and spend wisely to ensure you don’t spend too much and you get the outcome you’re looking for.

For example, if you purchase a house for $400,000 and spend $100,000 doing it up, you’ll want to ensure the end value of the property is worth more than $500,000. You’ll also want to ensure the renovations make the property much easier to rent out or sell – for example, there’s no point putting in a swimming pool if renters and buyers in your area are not interested in having one.

Get a professional on your team.

If you need property market data about prices or rental returns, just ask us. We often have great information to share or can point you in the right direction to find what you need to make informed decisions.

Targeting the right market is often the key to maximising your returns and profits. And if you’d like to renovate, we can help you create a budget and explore your finance options. Please get in touch today if you’d like to find out more.

Disclaimer
The information contained in this email and its links/attachments are general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek the appropriate financial advice and read the relevant Product Disclosure Statement or other offer document prior to acquiring any financial products.

With Single Touch Payroll (STP) on the horizon for all Australian businesses, it will have
different implications for different owners. We spoke to the experts from the Australian
Taxation Office (ATO) about some of the advanced elements of STP.

For some, it will mean little more than hitting an extra key each pay run. For others, it
will usher in a new chapter in managing outstanding debt with the ATO.

So beyond the basics of Single Touch Payroll, what can Australian small businesses
expect for the new financial year?

The hard deadline for STP adoption

The ATO wants all small businesses with 19 employees or fewer to begin using Single
Touch Payroll from 1 July 2019, with a deadline of 30 September 2019.

In what has been described as the biggest shake-up to the tax system in 20 years, STP
will give the ATO visibility over employees’ gross, net, tax and superannuation details.

A spokesman for the ATO said it would allow for “the earlier identification of late and
non-payment of tax and super amounts by employers, which should make any debts
easier to pay”.

Who will STP impact most?

While this reform will have little impact on businesses that have their finances in order,
it’s a different story for business owners that may be struggling with cash flow or trying
to repay a large tax debt, as they will be under pressure to clean the slate with the ATO
on a regular basis.

But there is good news. The ATO says Single Touch Payroll will help employers identify
small problems, such as unpaid superannuation liabilities, before they get out of control.

It’s been speculated that the rollout of Single Touch Payroll could save the government
billions of dollars. While the ATO has been tight-lipped about any specific targets, it’s
likely that those billions of dollars will come straight out of the pockets of business
owners.

“It is difficult to quantify at this stage what impact this will have on the outstanding
debts of business to the ATO given the range of factors that influence a business’s
capacity to pay,” an ATO spokesperson said.

The ATO no longer an option as short-term creditor

Australian businesses owe the ATO $23.7 billion, with small business accounting for
well over half that amount ($15.1 billion). Single Touch Payroll will give the ATO instant
visibility over outstanding debts, and when they identify a problem they will seek to
address it promptly.

Dealing with the ATO is a serious and unavoidable part of doing business, so it’s
important every business owner takes the ATO’s questions seriously and deals with
them promptly. The STP crackdown will see businesses with lumpy cash flow pressured
to clear their debts to the ATO sooner.

Possibility of payment plans

In a positive move, small business owners who are struggling with outstanding ATO
debts may be able to arrange a payment plan. The ATO put in place some 790,000
payment plans throughout 2017–18.

The ATO also recently lifted the ceiling for arranging a payment plan through an
automated phone call from $25,000 to $100,000. But if you have a debt greater than
$100,000, you will need to call the ATO and discuss your situation personally.

It’s important to remember that payment plans are suitable for some businesses –
but not all. If your small business has cash flow problems, a business loan from an
alternative lender may be able to help you clear your ATO debt before the 30 September
deadline.

What happens if you fail to pay on time?

If your small business has a plan in place but you default and can’t pay the ATO on time,
you will be charged interest on your debt. Your case may also be referred to a debtcollection agency.

In a worse-case-scenario, you may have your assets taken via a garnishee order, which
means the ATO can take what is owed from your bank account. But don’t fret just yet –
the ATO says it only issues garnishee notices in 1.1% of cases and is considered the last
resort.

Having said that, the ATO is a meticulous and powerful government body that will use
every tool at its disposal to recover any debts owed. Their resources are also virtually
limitless, with the latest Federal Budget committing an extra billion dollars in funding
to the ATO.

SMB credit ratings may suffer

In the past, the ATO was not allowed to share information about your debts with third
parties, such as credit rating agencies. However, there is now legislation waiting to be
passed that will allow the ATO to do just that if you fail to engage with them.

For small business owners who don’t follow the rules, the result could be damage to
their credit rating and an increased cost of credit.

The bottom line

Overall, Single Touch Payroll is a positive development that will boost productivity
and bring payroll into the 21st century. Small businesses will no longer have large ATO
debts hanging over their heads, and credits will likewise be returned quickly and more
efficiently.

It will also see all employees get paid their legislated superannuation benefits and will
ensure no small business has an unfair advantage over the majority of owners who pay
on time.

To avoid damaging your credit rating, talk to your broker about whether a small business
loan could get you back on track.

Disclaimer
The information on this website is provided for general information only and does not take into account your personal situation. You should
consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and
taxation advisers. Although every effort has been made to verify the accuracy of the information, we disclaim all liability (except for any liability
which by law cannot be excluded), for any error, inaccuracy, or omission from the information or any loss or damage suffered by any person
directly or indirectly through relying on this information.

The information contained within this website is of a general nature only. Whilst every care has been taken to ensure the accuracy of the material, Connolly Finance Pty Ltd will not bear responsibility or liability for any action taken by any person, persons or organisation on the purported basis of information contained herein. Without limiting the generality of the foregoing, no person, persons or organisation should invest monies or take action on reliance of the material contained herein but instead should satisfy themselves independently of the appropriateness of such action.